Colliers International sells Stephenson Center, wins leasing and property management assignment

Colliers International’s Henry Roe and Allen Wilkerson represented the seller in the disposition of the Stephenson Center office buildings. The center, which is comprised of three buildings totaling 104,300 square feet of office space, sold for $7,750,000. Upon completion of the sale, the new ownership awarded Colliers the leasing assignment for the buildings and Colliers’ Real Estate Management Services (REMS) team the property management assignment for the property.

The purchaser, RealOp Investments, plans to continue renovations begun by the previous owner and offer “ready to lease” office space, which the brokerage team is confident will be well received by the market.

“The building is in excellent condition with easy interstate access to I-126, I-26 and I-20, as well as downtown Columbia,” said Roe, a Vice President with Colliers International South Carolina. “Having ‘ready to lease’ office space will be an important attraction for office users, especially as office rents in the St. Andrews submarket have increased $1.50 to $3.00 per square foot over the past 24 months and are anticipated to rise further as the cost of construction increases and multi-tenant office building spaces become more limited.”

“RealOp is excited to build upon our relationship with the Colliers team as we expand our presence into the top growth markets of the Southeast,” said Kyle Putnam, CCIM, RealOp’s Chief Investment Officer. “We target properties that offer both a competitive income return and a potential for capital appreciation, and Stephenson Center is our fifth acquisition in the Columbia market in the last 36 months.”

Colliers South Carolina has the largest commercial property management portfolio in South Carolina, and with the addition of Stephenson Center, the firm’s portfolio in South Carolina now includes approximately 13.7 million square feet of managed commercial space across the state.

Roe and Wilkerson, a Brokerage Associate, are members of the Colliers office team, specializing in corporate and landlord consulting services and representation of clients in the leasing and sale of office properties.

About Colliers International

Colliers International | South Carolina has over 150 staff members, including 64 real estate professionals. Total brokerage volume for the firm in 2016 was approximately $634 million involving over 659 sales and leasing transactions. Colliers International is the largest manager of commercial property in South Carolina and is an Accredited Management Organization (AMO) through the Institute of Real Estate Management (IREM), with a portfolio at year-end 2016 of approximately 14 million square feet of office, industrial, retail and healthcare properties. Colliers International’s staff holds 53 professional designations, the most of any firm in South Carolina.

Colliers International Group Inc. NASDAQ and TSX: CIGI) is an industry-leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm.

For the latest news from Colliers, visit Colliers.com or follow us on Twitter (@Colliers) andLinkedIn.